The Country Club Plaza‘s new owners come with deep pockets and a promise to invest $100 million to bring the iconic property back to its former glory.
“We are thrilled to be the new stewards of this beloved destination of Kansas City and restoring the jewel of the midwest,” Ray W. Wasburne, president of HP Village Management, the ownership group that purchased the Plaza said at a press conference.
The Plaza has come upon hard times in recent years, with empty storefronts dotting the 15-block shopping district and shoppers staying away due to safety concerns. The three-acre lot on the Plaza’s west side that was supposed to be home to a new Nordstrom before the deal fell through has also remained vacant now for several years.
Wasburne said he and the Plaza’s other investors understand the challenges facing the historic property, from its numerous vacant storefronts to shopper’s safety concerns, but he says his group plans to confront these issues right away. Along with heightened security, the new ownership group plans to invest significant amounts in improvements, including updating lighting and landscaping, preserving the architecture, and enhancing existing structures and creating a more pedestrian friendly space.
“The safety, security and enjoyment of Plaza visitors is our highest priority,” Wasburne said. “We plan to immediately invest in increased security measures as we work to create a more vibrant and active environment by reprogramming the retail and restaurant mix that will serve the Kansas City community.”
The ownership group, HP Village Partners, is a luxury retail company whose principal owners are descendents of H.L. Hunt, father of Kansas City Chiefs founder Lamar Hunt. Village Partners is best known for its Dallas property Highland Park Village, a luxury shopping district built in 1931 and similar to the Plaza. Wasburne and Stephen Summers, who is also part of the Plaza’s new ownership group, will be leading the leasing efforts and plans to create a unique, local and national, chef-driven food and drink scene and elevated shopping experience.
“For our family, this is a legacy investment, and we are joined by several prominent local and regional families, who are passionate about returning the Plaza to its national historical status,” Summers said.
The Country Club Plaza originally opened in 1923 and was designed by architect Edward Delk in Baroque Revival and Moorish Revival styles to mimic the architecture of Seville, Spain, one of KC’s sister cities.
